Tinubu signs N54.99trn 2025 Budget

President Bola Tinubu on Friday signed the N54.99 trillion 2025 Appropriation Bill into an Act with a declaration that his administration’s economic discipline and strategic reforms have delivered results that many had thought were impossible.

Also, on Friday, in Ilorin, Kwara State, the Minister of Agriculture and Food Security, Abubakar Kyari and the Deputy President of the Senate, Jibrin Barau, declared that the reforms initiated by the president on agriculture and food security were yielding positive results. They also said the prices of foodstuffs were already coming down in the various markets across the country.

The 2025 budget, which Tinubu described as a “Budget of Transformation,” was designed to empower citizens, build economic resilience, and ensure shared prosperity, he added.

The bill, which was passed in separate sessions by the two Chambers of the National Assembly on Thursday, February 13, after increasing it from the initial figures of N49.7 trillion submitted by Tinubu, was signed at a brief ceremony in the President’s office at the State House, Abuja.

The 2025 Appropriation Act represents a 99.96 percent increase from the 2024 Budget of N27.5 trillion.

The breakdown of the 2025 budget put the total expenditure at N54.99 trillion; Statutory Transfers: N3.65 trillion; Recurrent (Non-Debt) Expenditure: N13.64 trillion; Capital Expenditure: N23.96 trillion; Debt Service: N14.32 trillion; Deficit-to-GDP Ratio: 1.52 percent.

According to Tinubu: “The past year tested our resolve, but through economic discipline and strategic reforms, we achieved what many deemed impossible.”

Commenting on the nation’s economic journey in the last one year, the President acknowledged initial turbulence but emphasised that the country was now on a steady path to recovery.

His words: “There are no dust in our faces and there are no tears on our cheeks. We worked together as brothers and sisters, collaborative Nigerians, after the initial turbulence, and the take-off was very cloudy and uncertain. Today, we see a light at the end of the tunnel.”

Tinubu identified key economic indicators that signaled recovery and resilience saying Nigeria’s Gross Domestic Product (GDP) growth rebounded to 3.86 percent, while national revenue surged to N21.63 trillion.

Tinubu noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86 percent in the last quarter of 2024, the fastest in three years.

“Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency and the deficit reduced significantly—from 6.2 percent in 2023 to 4.17 percent in 2025.

“Forex reforms restored investor confidence, stabilising our markets. The minimum wage was raised to N70,000, strengthening the purchasing power of workers, and infrastructure development advanced rapidly, with transformative projects such as the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway,” the President added.

He said: “Our naira has rebounded, reflecting our resilience. We have reduced the deficit significantly from 6.2 percent in 2023 to 4.217 percent,” adding that foreign exchange reforms were yielding positive results in stabilising the market.

The President also highlighted the administration’s commitment to improving workers’ welfare, stressing that, “the minimum wage was raised, and we are meeting all obligations.”

Acknowledging the role of the National Assembly in shaping the 2025 budget, the President expressed gratitude to lawmakers for their cooperation.

His words: “I want to thank the National Assembly, every one of them, whether they participated in the review or not. We are building the same country, but particularly the leadership.”

He praised the collaborative efforts between the executive and legislative arms of government, describing it as a key factor in driving national progress.

According to him: “We have seen the collaboration in this government, between the executive and legislature, making a difference, determined to move our country forward.”

“We affirm our commitment to securing the future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance,” he said.

As Nigeria moves forward, the President assured citizens that his administration would not relent in its efforts to strengthen the economy and deliver on its promises.

“Today, I can smile that you have given hope to our people. We can only promise to work harder.”

Also speaking, President of the Senate, Godswill Akpabio, assured the President of full support of the National Assembly in implementing the budget.

Akpabio noted that the President inherited a “foaming economy” that needed urgent economic measures to recover.

He affirmed that Tinubu’s experience from Lagos and versatility in managing men and resources enabled the economy’s ongoing reforms and turnaround.

He commended Tinubu’s bold economic reforms, declaring that Nigeria is on the path to financial stability and growth, even without heavy reliance on petroleum revenues.

Akpabio Praised the President’s ability to navigate economic challenges, citing his experience as Governor of Lagos State.

“I knew that with your experience in Lagos State, when you met an economy of N600 billion, you were able to put the indices on course, and today, Lagos is booming with over N50 billion a month as IGR,” Akpabio said.

The Senate President recalled his initial concerns when Tinubu announced the removal of fuel subsidy, a policy that previous administrations had avoided for over 40 years.

“I came back to you and asked, ‘Mr. President, don’t you want reelection in 2027?’ You asked why, and I said, ‘How can you do this? Let’s remove it gradually.’ But you made it clear that the last administration had already budgeted to end the subsidy in May, so from June, you simply re-echoed that subsidy was gone,” Akpabio recounted.

He noted that, despite initial doubts, the President’s decisive action has helped stabilise the economy, allowing Nigeria to generate revenue from the non-oil sector.

Akpabio also lauded Tinubu’s fiscal policies, highlighting how the administration and the National Assembly worked together to increase the budget size from N49.7 trillion to N54.99 trillion—the largest in Nigeria’s history.

“When you came to the National Assembly with a very ambitious budget of N49.7 trillion, little did we know that working with your team, we would discover other sources of revenue. Today, we are about to make history,” he said.

The Senate President reaffirmed the legislature’s support for policies that would alleviate the suffering of Nigerians.

“Be rest assured that the National Assembly—both chambers—will go with you because we know that you mean well for this country,” he assured.

He also emphasised the lawmakers’ commitment to ensuring that budget implementation is effective.

“We went through it line by line, clause by clause, to ensure we meet the aspirations not just of your administration but of the entire nation. Now, we will go on oversight functions to see what your ministers are doing. And any of them not doing well, we will report to you,” Akpabio stated.

On his part, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the passing of the budget had been a collaborative effort based on consultation, negotiation and analysis.

“The National Assembly has all along been partners in progress with you, Mr. President,” he stated.

Also present at the budget signing ceremony were Speaker House of Representatives, Tajudeen Abbas; Chairman Senate Committee on Appropriation, Solomon Olamikan; and the National Security Adviser (NSA, Nuhu Ribadu.

Others were Chief of Staff to the President, Femi Gbajabiamila; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; and the Minister of the Federal Capital Territory (FCT), Nyesom Wike.